April 10, 2013
/PRNewswire/ -- According to AOL's
Real Estate Blog
, the housing market in
is on the fast track to recovery, with strong fundamentals supporting the current growth curve. Job growth and low housing supply have combined to push home prices up, though nothing near the astronomical levels seen before the crash of 2008. With thousands of new buyers entering the
The Permit Report
is reminding home buyers and sellers that a complete permit record of all work done to a property is one of the critical elements of any real estate transaction.
A permit report is a collation of all relevant permits on record. These include building permits for renovations, certificates of occupancy, mechanical permits, electrical permits and plumbing permits. A permit report is best used in association with a Natural Hazards Disclosure Report, which describes risk factors such as earthquakes, landslides and wildfires.
Unpermitted structural, plumbing or electrical work can turn into an unexpected and expensive nightmare, especially when it comes time to buy or sell a home. Buyers may have trouble acquiring full financing for a home with an incomplete permit record, while sellers can be held responsible for correcting any problem areas in a home before a potential buyer will commit.
More worrisome than even these financial matters is the fact that unpermitted work may not be up-to-code, representing a safety hazard for occupants. In the event of a fire or natural disaster, an insurance agency will, as a first step, check that a property has the proper permits. The Permit Report works to circumvent all of these potential hassles by searching for and retrieving existing permits from local government agencies.